KARACHI: The steel prices have observed a decline after the readjustment in prices of the international market. The prices of steel had skyrocketed amidst the Covid-19 pandemic and consumers were purchasing at high costs.
The buildup of steel demand resulted in the surge of prices as they increased from Rs117,000 per ton in November 2020 to Rs140,000 per ton in the month of January 2021.
The prices of rebars also increased due to the shortage in the collection of scrap and interruptions in supply due to the Covid-19 pandemic. The cost of scrap stood at $350 per ton in October 2020 and rose to $500 at the beginning of 2021.
Similarly, the factors like rupee depreciation against the dollar, and increase in the interest rate by the State Bank of Pakistan also contributed to the hike in prices.
The reduction in steel prices will supplement the Naya Pakistan Housing Scheme and will benefit the construction industry.
For news and blogs, visit Graana.com.
The Ittefaq Group of Industries' family members founded Ittefaq Hospital in Lahore. Mian Muhammad Sharif…
Tando Bago is a town in Pakistan that is tucked away in the center of…
Amidst the fertile plains of Punjab, Pakistan, lies Aminpur Bangla, a town brimming with potential…
Jhal Magsi District is a gem of a city located in the central region of…
About 90 kilometers south of Multan, Jalalpur Pirwala is a city and tehsil capital housing…
ISLAMABAD: Chaudhry Muhammad Ali Randhawa, the newly appointed Chief Commissioner of Islamabad, wasted no time…
Welcome to Graana Blog - Pakistan’s Smartest Property Portal!
For more than a decade our intention has been to revolutionise the real estate industry in Pakistan. The same belief drove the vision of our real estate team, Graana where quality beats quantity.
We have introduced an extremely transparent and purposeful portal where we will help you buy, rent or sell your property. A place where you can sit back relax and let us market your projects and listings. We believe we have set new standards for the future of real estate in Pakistan by providing the smartest property portal.
